FINANCIAL_SERVICESPENDING

patrick-henry-community-collegeresolution2020-11-19_67b.pdf

Community college debt restructuring with VCBA authorized

Virginias Community CollagesVIRGINIA COLLEGE BUILDING AUTHORITYNovember 19, 2020

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Description

The State Board for Community Colleges authorized the Virginia Community College System to restructure all or part of its existing indebtedness with the Virginia College Building Authority under the Commonwealth’s COVID-19 Debt Restructuring Program. Designated officers may negotiate new terms, pledge general revenues, and execute all required documents, subject to Treasury Board approval of the financing terms.

Contract Details

Vendor

VIRGINIA COLLEGE BUILDING AUTHORITY

Agency

Virginias Community Collages, VA

Contract Type

FINANCIAL_SERVICES

Document Date

November 19, 2020

Renewal Info

Resolution permits restructuring of existing Authority debt, including extending payment terms and modifying other terms, with the principal amount of any new obligation limited to principal, interest, and allowable reserves and issuance costs; interest rate and restructuring terms are to be determined by the Authority and approved by the Treasury Board. No specific maturity dates or automatic renewal provisions are provided.

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